What is protection and indemnity insurance

When people, ships, or cargo are harmed or lost, the results can be catastrophic. Choose between a fixed and mutual premium. Safe comprehensive cover, different limits of liability to suit vessel size and risk.

Cover for total loss, damage repairs, salvage costs, general average contributions, labour and certain other liabilities. Assisted claims management. Taking the pain out of claims, always on your side. Risk management planning and support. Our proprietary surveys and benchmarking tools help you cut risk — and present you in the most sympathetic way to insurers.

We believe that our role is more than just protecting our clients from risk. As your risk consultants, we exist to empower you to grow your business by removing risk obstacles - the emphasis is always on the quality of cover, ready to stand strong when you need it most. These premiums, plus investment, cover the cost when any member makes a claim. Mutual premiums offer broader cover and have a higher limit of indemnity than fixed premiums. Call us to speak to a Coverforce insurance broker today.

Our brokers can access more than insurers across the globe to find your business quality cover at the right price. All rights reserved. Toggle navigation. About Us Why Choose Coverforce? The injury occurred while the plaintiff was operating a land-based crane. The crane toppled over for reasons that were never identified. Liability for negligence was assigned to the defendant under the tort doctrine of res ipsa loquitor — something obviously went wrong and someone had to have been negligent.

So, the employer did not have liability insurance coverage for an injury to its crewmember employee injured in the course and scope of his employment. This is not a startling or unprecedented result, but it is a glaring example and a reminder of coverage limitations. We, like you, are small business owners, and your success is our success. In order to accomplish our mission, we, at times, are compensated by our partners. While this partnership may influence where and how products appear on our site, it in no way impacts our research, recommendations, or advice.

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No partner can guarantee placement or favorable reviews on AdvisorSmith. Owning and operating a ship or marine vessel can come with a number of liabilities.

Along with damage to the ship and cargo, shipowners must also consider the potential lawsuits that may come from the passengers and crew of the ship. Consider a cruise ship that suffers a viral outbreak—this one event can bring numerous lawsuits and claims, which is why there is a need for Protection and Indemnity Insurance. It is one of the key coverages of ocean marine insurance , alongside hull coverage and cargo coverage. Protection and Indemnity Insurance emerged from a need among shipowners for coverage beyond the traditional hull coverage and cargo coverage , namely the third-party liabilities that can arise from crew members and passengers, other vessels, and properties.

Over the last years, maritime insurance has changed significantly, with shipowners needing to protect themselves from increasingly more liability. Vessel owners are exposed to a variety of unique third-party liabilities that could result in costly claims and lawsuits.